Mumbai: Banks and mutual funds intensified their investment in primary issuances as the rates moved up by 5-10 basis points. There was a slew of primary issuance as banks and few companies rushed to mop up funds on fears of liquidity tightening in next few weeks. With every primary issue there was further pressure on the other issuers to offer certificates of deposit at 5-10 basis points higher, said a fund manager. Trade was dull as most mutual funds and banks infused in primary issues to get better returns. Mutual funds continued to be major sellers while some banks were on the buying side. Infrastructure Development Finance Co placed 2.5 bln of rupees 3-month commercial papers at 8.45%. Tata Motors placed 1 bln rupees of 6.5-month CPs at 8.70% Inox Air Products placed 250 mln rupees of 3-month CPs at 8.62%. Allahabad Bank placed 2 bln rupees of 6-month CDs at 8.80%. The 3-month papers were quoted at 8.55-8.75% today compared with 8.50-8.70% previous.
Source : www.indian-commodity.com
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